SEC greenlights Coincheck to be the first Japanese crypto exchange on Nasdaq
Coincheck is set to become the first Japanese cryptocurrency exchange listed on Nasdaq after receiving approval from the United States Securities and Exchange Commission.
According to the company’s press release, the SEC approved Coincheck’s confidential draft registration statement on Form F-4 on Nov. 7, which became effective on Nov. 12.
The Japanese crypto exchange will debut on the Nasdaq Global Market following a merger with Thunder Bridge Capital Partners IV, making it the first Japanese crypto exchange to list on a U.S. stock exchange.
By merging with TBCP, Coincheck will remain a subsidiary of Monex Group after the listing. Following the approval, Thunder Bridge Capital will hold a shareholder meeting on Dec. 5 to vote on the finalization of the merger. Once the merger is finalized, Coincheck will officially list on Nasdaq under the ticker CNCK, with trading expected to commence on Dec. 11, a day after the closing date.
In May 2024, Coincheck announced that the Form F-4 it submitted to the Securities and Exchange Commission was still under review. Nevertheless, the crypto exchange anticipated finalizing the merger with Thunder Bridge by the second or third quarter of 2024. Following the merger, Coincheck Group B.V. will be renamed Coincheck Group N.V.
Monex Group, Coincheck’s parent company, had initially planned to list the exchange on a U.S. stock exchange through the $1.25 billion merger with Thunder Bridge Capital IV. However, the agreement faced multiple delays, postponing Coincheck’s long-anticipated Nasdaq listing.
As part of the agreement, the combined business will receive $237 million held in trust by Thunder Bridge. Additionally, Gary A. Simanson, CEO of Thunder Bridge, will head the merged entity, while Monex will retain an 82% majority stake.
Coincheck is a cryptocurrency exchange and NFT marketplace, that was established in 2012. Though it is based in Tokyo, the crypto exchange caters to a global community. When it first opened, it operated under Rejupress before it was eventually acquired by Monex Group, Inc in 2018.
